As per India’s CoinDCX exchange, BTC is trading at $66,375 (roughly Rs. 55.4 lakh).
The valuation of the crypto sector has reached $2.26 trillion
Photo Credit: Pixabay/ WorldSpectrum
The overall crypto market is struggling to stabilise with the presidential race between Donald Trump and Kamala Harris intensifying by the day in the US. On Monday, September 23, multiple cryptocurrencies reflected gains on the price charts. In the last 24 hours, Bitcoin registered profits of around 1.30 percent and 2.15 percent on Indian and international exchanges. As per India's CoinDCX exchange, BTC is trading at $66,375 (roughly Rs. 55.4 lakh). Meanwhile, on international exchanges, BTC is priced $64,388 (roughly Rs. 53.8 lakh) as shown by CoinMarketCap.
“BTC has posted seven consecutive green daily candles, a streak not seen since February of this year. This pattern suggests a strong potential for another bullish run, especially in light of recent Fed rate cuts, which may inject renewed optimism into the market,” the CoinSwitch markets desk told Gadgets360, commenting on the market situation.
Ether incurred a price drop of 1.34 percent on Tuesday, showed the crypto price tracker by Gadgets360. At the time of writing, ETH was trading at $2,775 (roughly Rs. 2.77 lakh) as shown by India's CoinDCX crypto exchange. On foreign exchanges, ETH is priced $2,674 (roughly Rs. 2.23 lakh).
“Ethereum is bouncing off a critical support level against Bitcoin, raising the question of whether this could be a reversal for ETH—we'll have to wait and see,” said Avinash Shekhar, Co-Founder and CEO, Pi42.
Tether, Binance Coin, Shiba Inu, and Leo saw small gains.
Cosmos, Zcash, Cartesi, and Mobox also registered gains next to BTC and ETH on Monday.
The overall crypto market cap rose by 2.21 percent in the last 24 hours. With this, the valuation of the crypto sector has reached $2.26 trillion (roughly Rs. 1,88,65,361 crore) as shown by CoinMarketCap,
“Market sentiment has further strengthened after Kamala Harris, in her first public statement, pledged to support investment in AI and digital assets during a Wall Street fundraiser. As we approach the U.S. elections, this positive momentum could drive Bitcoin to new highs,” Edul Patel, CEO Of Mudrex told Gadgets360.
Solana, USD Coin, Ripple, Cardano, Avalanche, and Polkadot emerged on the loss-making side of the crypto chart on Monday.
Polygon, Bitcoin SV, and Iota also registered price dips.
In the days ahead, market analysts believe that the bulls could ramp up their engagement with the digital assets sector leaving the crypto market volatile.
“A major market shift was observed recently that saw altcoins outperform Bitcoin and Ethereum after the Federal Reserve lowered interest rates. The future of cryptocurrency is optimistic, as increased liquidity suggests bullish sentiment among investors,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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